A Singapore-based business entity, Dicky Desks, is owned by Dickson Dicky. The business sells desks to...

 

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A Singapore-based business entity, Dicky Desks, is owned by Dickson Dicky. The business sells desks to retail stores. Dicky Desks uses a perpetual inventory system to account for its inventory. The business has been registered for GST. The GST rate is 8%. The following selected information is available for 'Dicky Desks' for the week ended 7th February 2023: 1st February 2nd February 4th February 7th February Purchased 100 desk on credit for $80 (plus GST) each from General supplier's warehouse. Credit term: 2/10, n/30. Returned 10 desks purchases on 1st February to General supplier's warehouse due to some defects on the desks. Sold 20 desks on credit to Acquirer's Wearhouse for $150(plus GST) each. Credit term 3/10, n/30. Paid General supplier's warehouse the amount owed for the 1st February purchase. REQUIRED: Prepare the journal entries to record each transaction in February 2023 (Narrations not required). A Singapore-based business entity, Dicky Desks, is owned by Dickson Dicky. The business sells desks to retail stores. Dicky Desks uses a perpetual inventory system to account for its inventory. The business has been registered for GST. The GST rate is 8%. The following selected information is available for 'Dicky Desks' for the week ended 7th February 2023: 1st February 2nd February 4th February 7th February Purchased 100 desk on credit for $80 (plus GST) each from General supplier's warehouse. Credit term: 2/10, n/30. Returned 10 desks purchases on 1st February to General supplier's warehouse due to some defects on the desks. Sold 20 desks on credit to Acquirer's Wearhouse for $150(plus GST) each. Credit term 3/10, n/30. Paid General supplier's warehouse the amount owed for the 1st February purchase. REQUIRED: Prepare the journal entries to record each transaction in February 2023 (Narrations not required).

Answer rating: 100% (QA)

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